Photo: Robert Clark
New construction condo prices dropped only slightly both quarterly and annually in Brooklyn, but plummeted in Manhattan.
While prices were on the decline, sales volume was up markedly in both booming boroughs in the third quarter, according to a quarterly report released last week by New York brokerage MNS.
Median new construction prices fell 6 percent annually and 3.66 percent quarterly to $956,000 in Brooklyn as the median price per square foot spiked nearly 14 percent to $1,305 from last year in the third quarter.
At the same time in Manhattan, new construction median prices fell nearly 33 percent from last year to $3.3 million, down just over 35 percent from the previous quarter. The median price per square foot declined 8 percent annually to $1,900, down 11 percent quarterly.
But that doesn’t mean that prices are cooling just yet.
“The higher luxury markets have cooled down, but the lower part of the market — under three million dollars — is quite active and there’s a lot of demand in that pocket of the market,” CEO of MNS Andrew Barrocas tells BuzzBuzzNews.
Sales were up quarterly in both boroughs, rising 47 percent in Manhattan and 1.7 percent in Brooklyn. Sales volume was up 14 percent quarterly to $1.6 billion in Manhattan, but down 12 percent to $251 million in Brooklyn in the third quarter.
Some 19 percent of all Manhattan new construction sales were in the Gramercy Park neighborhood, while Prospect Park claimed 25 percent of all Brooklyn sales.
In Manhattan, the priciest sale was at 432 Park Avenue for $38 million on famed Billionaire’s Row, a stretch of 57th Street where many of the borough’s most expensive residential properties stand.
Meantime, Brooklyn’s top sale was a condo in 130 Furman Street in Brooklyn Heights which sold for $10.2 million. This was the second month in a row Brooklyn’s priciest sale was in 130 Furman Street.
Click here to read the entire report.